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Givaudan announced its first quarter financial report for 2011, with recorded sales of CHF1012.3 million, representing an increase of 3.1% in local currencies and a decline of 5.1% in Swiss francs. The company is working to implement price increases to offset the impact of higher raw material costs, and these increases will become effective in the course of the second quarter, making them set to show a full impact in the second half of the year.
Givaudan’s fragrance division recorded sales of CHF467.4 million, an increase of 1.7% in local currencies and a decline of 5.7% in Swiss francs. Total sales for fragrance compounds, which is a combination of the fine fragrances and consumer products markets, increased 1.2% when measured in local currencies and declined by 6.6% in Swiss francs to CHF402.0 million from CHF430.2 million. Fine fragrance sales grew 3.1% in local currencies against strong comparables in 2010, and the business delivered strong growth in Latin America as a result of higher volume on existing business and new product launches. In Europe and North America, Givaudan did see an overall slight decline. Meanwhile, sales in the consumer products business unit increased by 0.7% in local currencies, with sales in developing markets remaining steady to slightly growing, balancing good growth in North America with small declines in Europe, the Middle East and Africa. On a worldwide basis, sales increased in fabric care, home care and oral care, followed by fragrances for deodorants. In particular, the air care category delivered a good performance in Europe, Africa and the Middle East. Additionally, overall sales for fragrance ingredients grew by 5.2% in local currencies, achieved as a result of a good growth in the developing markets and the introduction of Givaudan’s Paradisamide, a new, long-lasting, fresh tropical fruit note.